Feeling a little - "Sold Out"... (from Lender to Servicer and to Servicer to Servicer?

Reblogger Fernando Herboso - Broker for Maxus Realty Group
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO

 

Great post from Embarcadero Investments.

What is a SERVICER?

Having to deal with them in a daily basis doing short sales. . I know them too well

 

 

 

 

Original content by Rosemary Brooks

I don't think this really matters ...to know when your lender actually sold your loan or how many times they will probably do it before you pay it off, because your loan can be sold over and over.... Did you know that?

And I don't think it matter to you if they sold it or not!  But some think that if their lender had not sold them out, they would be getting better treatment now because their lender was a nicer institution than the servicer they now have.....

There is no limit to the times your loan can be sold to another servicer!

Some get confused with what is meant by a servicer

WHAT IS A SERVICER?  The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan.  After your mortgage loan closed, your lender more than likely outsourced the job of managing your loan to another company called a SERVICER. This is the company you call when you have questions about your loan.

Their duties include but are not limited to:

  • Collecting and remitting loan payments
  • Responding to borrower inquiries
  • Making advances when required
  • Accounting for principal and interest
  • Holding funds for payment of property taxes and hazard insurance (also called Managing your escrow account)
  • Making any physical inspections of the property
  • Counseling delinquent mortgagors
  • Supervising foreclosures and property dispositions in case of defaults 

Although your loan may have been sold out.... in most cases the Servicer is not your real problem --if you need a loan workout or some other option becaues you are underwater... in most cases it is the investor that you have to worry about -- they have the final power of decision.

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